It’s no secret that the healthcare industry is changing. With new technologies and treatments coming out every day, it can be hard to keep up with all the changes in this rapidly evolving field. However, one thing that has remained constant is the need for a strong revenue cycle management strategy if you want your business to succeed. This blog post will discuss three keys to success: financial stability, efficiency, and innovation.
Understand the Importance of a Medical Revenue Cycle Management Strategy
A Medical Revenue Cycle Management Strategy is an essential part of any healthcare organization. It’s the process that ensures your business can handle everything from patient admissions to billing and coding for every transaction, no matter what type it may be or who initiated it.
Conduct an Audit and Establish Goals
When developing your strategic plan, it’s crucial to conduct an audit of every area and establish goals. Areas for evaluation might include:
Technology advances in billing software
New referral sources
Implement Workflow Processes to Improve Efficiency and Reduce Errors
Once the audit is complete, you can implement workflow processes to improve efficiency and reduce errors. This includes reviewing authorization policies for staff to make sure they are not overlooking important steps or opportunities that could lead down a path of making an error that would then interfere with patient flow through your medical facility’s revenue cycle management system.
Review Your Current Billing Practices, Including Coding, Collections, and Patient Follow-Up
The next step in your audit is to review the billing practices that are currently being used. This would include reviewing all coding and collection policies, as well as using new referral sources for patients who have not been seen by a doctor or specialist yet but may need one soon based on their symptoms.